TRW Long Associated With Consumer Credit Reports, Sells Its Information Services Business. The New Company will be named Experian
TRW TO SELL ITS INFORMATION SERVICES BUSINESS
February 9, 1996
TRW Inc. today announced an agreement with a privately held corporation capitalized by Bain Capital, Inc., and Thomas H. Lee Company relating to the spinoff of TRW's information services business (IS&S) in a transaction valued at over $1 billion. The sale, which will be structured as a recapitalization, is expected to be completed in the second half of the year.
A related agreement will provide for the use of the TRW trademark for a two-year period. The current IS&S senior management, employees, and facilities will form the nucleus of the new company. Additionally, TRW will hold one seat on the board of the new company.
TRW's IS&S businesses included in the transaction provide consumer and commercial credit information and related services, direct marketing, and real estate information and services. These businesses had revenues of $540.1 million in 1995.
Mr. Gorman said, "We are very pleased that Bain Capital and Thomas H. Lee will be investing in and growing TRW's information business to the continuing benefit of our customers, employees, and shareholders. Over the last five years, this business has become the information industry's showcase for responsible data management."
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